Polymarket Seeks CFTC Approval to Reopen to US Traders

Polymarket is pursuing approval from the Commodity Futures Trading Commission to relaunch its main prediction market for US users. According to sources, the company has been in discussions with CFTC officials to lift the ban on US-based traders, which was implemented after a 2022 settlement. The CFTC previously approved a separate US-only platform for Polymarket last November. If approved, this move would allow Polymarket to compete with Kalshi and bring more event-trading under CFTC oversight. Prediction markets, which allow users to trade contracts tied to future events, have faced scrutiny from states claiming they operate as unlicensed gambling operations. The CFTC would need to vote to remove the US block, with Chairman Michael Selig previously arguing that states lack authority to regulate these markets. The development comes after a soldier was accused of using a VPN to access Polymarket's international exchange and make over $400,000 from trades based on classified information. Polymarket has declined to comment on the matter.